Oasis Insurance records N89mn profit in first quarter 2009

By Michael Eboh
Oasis Insurance PlcÂ Â has recorded a significant improvement in its bottom line in its first quarter ended, March 31, 2009 financial statement, declaring a profit after tax of N88.77 million.

This represents an appreciation of 9.17 per cent from a profit of N81.31 million recorded in the comparable period of 2008.

According to a statement by the company, its gross earnings rose by 141.36 per cent to N387.05 million in the period under review, from N160.36 million recorded in 2008, it recorded an investment loss of N15.63 million compared to an investment income of N118.33 million in 2008 and a profit before tax of N90.58 million compared with N135.52 million in 2008.

Managing Director of Oasis Insurance Plc, Babatunde Oshadiya, had earlier announced its determination to become a leading player in the insurance industry, ranking among the top three player in the sector.
He said, â€œWe have a mission in the insurance market, that is, to ensure that we remain a major player in the industry just as we want to sustain our identity of prompt claims settlement to our clients, which is one of the major hindrances to the growth of insurance market in this part of the world,â€
He promised that the company would continue to use its strategic advantage, prompt claims settlement, to provide relief to its numerous clients and customers across the country.

â€œOver the years, the company has been known for its prompt claims settlement and by making a public declaration on this, it is an indication that the company would not renege on its promise when the need arise through claims settlement to provide necessary relief to all from time to time.â€